The 35-year-old Ginobili is one of the Spurs' staple players and has won three titles alongside Tim Duncan and Tony Parker. The group nearly collected another when it lost to the Miami Heat in Game 7 of the 2013 NBA Finals.

In that effort, Ginobili struggled to averages of 11.6 points, 4.3 assists and 3.1 turnovers. He was rarely healthy throughout the regular season, in which he put of numbers of 11.8 points and 4.6 assists in 60 games. It is the second straight season of injury trouble for Ginobili, who played only 34 games in 2011-12.

Ginobili's announcement comes on the heels of the Spurs' reportedly finalizing a four-year, $36 million deal for center Tiago Splitter. Splitter, 28, played a integral role in the Spurs' defense, spelling Duncan and allowing the team's best post option to focus on offense.

With Ginobili and Splitter in the fold, the Spurs retain their sixth man and keep the starting five intact. The Spurs do now have four key players with contracts expiring in 2014-15, however. Ginobili, Parker, Duncan and Danny Green all have deals that are up in two years.